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Economy of Hungary vs Montenegro compared: GDP & Debt

Updated on by Georank team

Hungary has a GDP of $223B compared to $8.27B for Montenegro, ranking 55/197 and 155/197 by economy size, respectively.

Hungary has $164B in government debt (73.5% of GDP), compared to $5.02B (60.8% of GDP) in Montenegro.

Hungary vs Montenegro GDP by year

Hungary
Montenegro
1x
Year GDP, current $
Hungary Montenegro
2024 $222,722,738,926 $8,270,016,671
2023 $213,240,316,635 $7,644,389,160
2022 $177,002,580,544 $6,251,215,144
2021 $183,282,685,440 $5,823,715,810
2020 $158,468,487,754 $4,723,571,498
2019 $164,936,682,034 $5,483,476,883
2018 $161,184,691,014 $5,433,467,175
2017 $143,335,098,992 $4,803,962,016
2016 $128,983,560,865 $4,357,469,330
2015 $125,244,126,623 $4,010,885,991
2014 $141,128,696,412 $4,579,636,602
2013 $135,646,053,779 $4,422,097,763
2012 $128,470,269,690 $4,071,829,462
2011 $141,712,804,954 $4,507,126,949
2010 $131,898,737,241 $4,136,936,189
2009 $130,807,441,076 $4,142,640,317
2008 $158,228,265,916 $4,540,861,726
2007 $140,123,326,896 $3,677,910,895
2006 $115,604,111,412 $2,717,702,923
2005 $113,098,237,571 $2,257,174,481
2004 $104,015,363,080 $2,073,234,418
2003 $85,190,469,121 $1,707,710,053
2002 $67,636,468,625 $1,284,685,051
2001 $53,800,068,066 $1,159,869,246
2000 $47,275,954,429 $984,293,044
1999 $49,160,204,397 $828,950,327
1998 $48,784,412,624 $854,261,161
1997 $47,398,564,799 $838,288,806
1996 $46,833,767,124 -
1995 $46,577,614,589 -
1994 $43,307,949,890 -
1993 $40,256,233,360 -
1992 $38,857,339,125 -
1991 $34,867,307,353 -
1990 $34,478,360,679 -
1989 $30,422,508,938 -
1988 $29,799,838,597 -
1987 $27,232,016,527 -
1986 $24,778,163,812 -
1985 $21,510,643,750 -
1984 $21,242,726,264 -
1983 $21,910,365,258 -
1982 $24,141,667,188 -
1981 $23,705,883,892 -
1980 $23,116,977,148 -
1979 $19,959,731,325 -
1978 $17,286,744,154 -
1977 $14,783,674,055 -
1976 $13,235,612,079 -
1975 $11,420,392,515 -
1974 $10,016,338,179 -
1973 $9,138,292,402 -
1972 $7,379,313,742 -
1971 $6,291,568,221 -
1970 $5,780,929,203 -
1969 $5,429,812,387 -
1968 $4,886,222,555 -

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

GeoRank.org/economy/hungary/montenegro | CC BY

GDP per capita in Hungary vs Montenegro by year

Hungary
GDP per capita

GDP per capita, PPP
Montenegro
GDP per capita

GDP per capita, PPP
1x
Year Current $
Hungary Montenegro
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $23,292 $48,552 $13,263 $34,063
2023 $22,231 $46,592 $12,260 $31,863
2022 $18,428 $44,366 $10,025 $28,050
2021 $19,031 $38,887 $9,317 $23,690
2020 $16,387 $35,584 $7,539 $20,625
2019 $17,013 $35,627 $8,749 $23,706
2018 $16,605 $32,258 $8,674 $21,084
2017 $14,736 $29,728 $7,674 $19,357
2016 $13,216 $28,179 $6,968 $18,030
2015 $12,783 $26,938 $6,421 $16,092
2014 $14,353 $25,796 $7,342 $15,276
2013 $13,739 $24,592 $7,103 $14,692
2012 $12,950 $23,205 $6,552 $13,793
2011 $14,211 $22,992 $7,266 $14,347
2010 $13,190 $21,691 $6,679 $13,612
2009 $13,051 $20,691 $6,700 $12,976
2008 $15,763 $20,709 $7,360 $13,802
2007 $13,935 $19,089 $5,972 $12,452
2006 $11,478 $18,362 $4,419 $10,440
2005 $11,212 $17,091 $3,675 $8,314
2004 $10,291 $16,251 $3,380 $7,841
2003 $8,410 $15,460 $2,789 $7,340
2002 $6,658 $14,532 $2,107 $7,100
2001 $5,281 $13,223 $1,910 $6,772
2000 $4,630 $11,872 $1,627 $6,004
1999 $4,802 $10,892 $1,368 $5,684
1998 $4,752 $10,415 $1,406 $6,170
1997 $4,606 $9,846 $1,375 $5,798
1996 $4,542 $9,388 - -
1995 $4,509 $9,222 - -
1994 $4,187 $8,888 - -
1993 $3,887 $8,441 - -
1992 $3,747 $8,284 - -
1991 $3,361 $8,352 - -
1990 $3,324 $9,169 - -
1989 $2,902 - - -
1988 $2,812 - - -
1987 $2,566 - - -
1986 $2,331 - - -
1985 $2,020 - - -
1984 $1,991 - - -
1983 $2,050 - - -
1982 $2,255 - - -
1981 $2,213 - - -
1980 $2,158 - - -
1979 $1,865 - - -
1978 $1,618 - - -
1977 $1,388 - - -
1976 $1,249 - - -
1975 $1,083 - - -
1974 $956 - - -
1973 $876 - - -
1972 $710 - - -
1971 $607 - - -
1970 $559 - - -
1969 $527 - - -
1968 $476 - - -

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

GeoRank.org/economy/hungary/montenegro | CC BY

Hungary's GDP per capita is $23,292, ranking 55/197, compared to $13,263 in Montenegro, ranking 77/197. Adjusted for purchasing power (GDP per capita PPP), Hungary ranks 48th at $48,552, while Montenegro ranks 65th at $34,063.

Economic indicators

Hungary Montenegro
Gross domestic product
$223B
2024
$8.27B
2024
GDP rank
55/197
2024
155/197
2024
GDP growth
0.56%
2023-2024
3.16%
2023-2024
GDP per capita
$23,292
2024
$13,263
2024
GDP per capita rank
55/197
2024
77/197
2024
GDP per capita, PPP
$48,552
2024
$34,063
2024
GDP per capita PPP rank
48/197
2024
65/197
2024
Government debt
$164B
2024
$5.02B
2024
Debt-to-GDP ratio
73.5%
2024
60.8%
2024
Government debt per person
$17,109
2024
$8,058
2024
Government debt per person rank
37/185
2024
64/185
2024
Average annual personal income after taxes
$16,996
2026
$11,119
2026
Market capitalization of domestic companies
$41.5B
2024
$3.79B
2012
Number of millionaires
24,692
2025
n/a
Number of billionaires
4
2025
n/a
Income share by richest 10%
24.4%
2022
24.7%
2021
Income share by poorest 10%
2.8%
2022
2.1%
2021
Government expenditure, % of GDP
46.9%
2024
43.5%
2024
Consumer prices inflation
3.7%
2023-2024
3.3%
2023-2024
Central bank interest rate
6.5%
2024
n/a
Unemployment rate
4.47%
2024
13.1%
2023
Population
9475525
612312

Spending and national debt comparison by year

Hungary
Spending

Debt
Montenegro
Spending

Debt
1x
Year % of GDP
Hungary Montenegro
Government spending Government debt Government spending Government debt
2024 46.9% 73.5% 43.5% 60.8%
2023 49.2% 73% 39.7% 59.6%
2022 48.7% 73.9% 42.2% 70.3%
2021 48.1% 76.2% 45.1% 86.2%
2020 51% 78.7% 54.9% 108.4%
2019 45.8% 65% 44.4% 79.6%
2018 45.9% 68.8% 47.8% 72.9%
2017 46.6% 72% 47.6% 66.9%
2016 46.7% 74.6% 47.7% 66.7%
2015 50.4% 75.7% 46.9% 69.5%
2014 50% 76.5% 44.3% 63.6%
2013 50.1% 77.2% 46.3% 59.2%
2012 49.2% 78.4% 45.9% 57.1%
2011 49.1% 80.5% 45.7% 49%
2010 48.9% 80.2% 46.7% 45.1%
2009 50.7% 78.2% 51.5% 43.9%
2008 48.8% 71.8% 51.2% 34.2%
2007 49.9% 65.6% 43.9% 31.8%
2006 51.4% 64.5% 42.6% 36.7%
2005 49.4% 60.6% 38.2% 38.6%
2004 48.8% 58.9% 40% 45.4%
2003 49.2% 58.2% 43.3% 48.6%
2002 51% 55.6% 37.5% 85.7%
2001 47.2% 52.2% - -
2000 47.3% 55.6% - -
1999 48.9% 60.3% - -
1998 50.7% 60.4% - -
1997 49.5% 62.2% - -
1996 50.9% 71.2% - -
1995 55% 83.9% - -
1994 - 86.2% - -
1993 - 87.2% - -
1992 - 76.5% - -
1991 - 74.2% - -
1990 - 63.7% - -
1989 - 70.7% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1994, retrieved 2026-02-20).

GeoRank.org/economy/hungary/montenegro | CC BY

In 2024, Hungary's government spending was $104B, accounting for 46.9% of its GDP, while Montenegro spent $3.6B, or 43.5% of GDP.

Debt-to-GDP ratio is 73.5% in Hungary and 60.8% in Montenegro, ranking 49/185 and 76/185, respectively.

Government deficit by year

Deficit/surplus
Hungary

Montenegro
1x
Year Deficit/surplus, % of GDP
Hungary Montenegro
2024 -4.92% -2.81%
2023 -6.75% 0.85%
2022 -6.17% -4.07%
2021 -7.11% -1.72%
2020 -7.49% -11%
2019 -2.02% -1.74%
2018 -2.05% -6.3%
2017 -2.45% -6.89%
2016 -1.79% -6.21%
2015 -2% -6.03%
2014 -2.77% -0.7%
2013 -2.6% -4.54%
2012 -2.33% -5.87%
2011 -5.22% -6.79%
2010 -4.44% -4.88%
2009 -4.76% -6.74%
2008 -3.78% -2.3%
2007 -5.09% 8.44%
2006 -9.27% 4.34%
2005 -7.79% -1.42%
2004 -6.6% -2.45%
2003 -7.19% -4.06%
2002 -8.79% -1.44%
2001 -4% -
2000 -3.04% -
1999 -5.27% -
1998 -7.41% -
1997 -5.54% -
1996 -4.36% -
1995 -8.57% -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 -0.17% -
1942 0.31% -
1941 0.2% -
1940 -0.07% -
1939 0.19% -
1938 -0.11% -
1937 -0.01% -
1936 0.08% -
1935 0.03% -
1934 0.04% -
1933 -0.03% -
1932 -0.22% -
1931 -0.32% -
1930 -0.26% -
1929 0.02% -
1928 0.12% -
1927 0.15% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1943, retrieved 2026-02-20).

GeoRank.org/economy/hungary/montenegro | CC BY

In 2024, Hungary's government deficit, the difference between spending and revenue, was $10.9B, equivalent to 4.92% of GDP. This compares to Montenegro's deficit of $232M, or 2.81% of GDP.

Over the past 23 years, Hungary recorded a fiscal deficit in 23 of those years, while Montenegro ran a deficit in 20 years. On average, Hungary posted an annual deficit equal to 4.93% of GDP, compared to deficit of 3.23% of GDP for Montenegro.

Inflation comparison by year

Inflation
Hungary

Montenegro
1x
Year Consumer prices inflation
Hungary Montenegro
2024 3.7% 3.3%
2023 17.1% 8.6%
2022 14.6% 13%
2021 5.11% 2.4%
2020 3.33% -0.3%
2019 3.34% 0.4%
2018 2.85% 2.6%
2017 2.35% 2.4%
2016 0.39% -0.3%
2015 -0.06% 1.5%
2014 -0.23% -0.7%
2013 1.73% 2.2%
2012 5.65% 4.1%
2011 3.93% 3.5%
2010 4.86% 0.4%
2009 4.21% 3.6%
2008 6.04% 9%
2007 7.96% 3.4%
2006 3.93% 2.1%
2005 3.56% 3.4%
2004 6.74% 3.1%
2003 4.66% 7.5%
2002 5.27% 19.7%
2001 9.12% 23.7%
2000 9.8% 29.9%
1999 10% -
1998 14.2% -
1997 18.3% -

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2000–2024, retrieved 2026-02-20).

GeoRank.org/economy/hungary/montenegro | CC BY

Over the past 25 years, Hungary has recorded an average annual inflation rate of 5.2%, compared with 5.94% in Montenegro. In 2024, inflation was 3.7% in Hungary and 3.3% in Montenegro.

Top exports between countries

Hungary
Export category Export value
Chemicals & pharma $56M
Machinery & equipment $44.8M
Processed food, beverages & tobacco $6.44M
Textiles & consumer goods $4.13M
Animal & marine products $3.16M
Raw materials & minerals $2.22M
Wood & paper products $2.2M
Metals $2.02M
Raw agricultural goods $238K
Miscellaneous $195K
Montenegro
Export category Export value
Transport & tourism services $14.2M
Business & finance services $2.37M
Manufacturing & construction services $1.14M
Raw materials & minerals $971K
Textiles & consumer goods $321K
Processed food, beverages & tobacco $318K
Metals $308K
Weapons & explosives $200K
Machinery & equipment $177K
Precious metals & jewellery $129K

Balance of trade

Hungary Montenegro
Current account balance
$3.52B
2024
-$1.4B
2024
Current account balance ranking
36/190
2024
131/190
2024
Current account balance, % of GDP
+1.58%
2024
-17%
2024
Goods imports
$130B
2024
$4.29B
2024
Goods exports
$129B
2024
$714M
2024
Service imports
$27.9B
2024
$1.19B
2024
Service exports
$38.9B
2024
$2.92B
2024
Imports of goods and services, % of GDP
71.1%
2024
66.2%
2024
Exports of goods and services, % of GDP
75.4%
2024
43.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Hungary Montenegro
Economic freedom 62.5 63.8
Economic freedom ranking 86/197 78/197
Property rights 67.3 60.9
Government integrity 44 49.9
Judicial effectiveness 61.9 51.5
Tax burden 85.1 88.7
Government spending 30.2 47.6
Fiscal health 32.7 86.2
Business freedom 70.8 68.4
Labor freedom 56.5 59.4
Monetary freedom 72.1 75.2
Trade freedom 79.4 78.4
Investment freedom 80 50
Financial freedom 70 50

Economic freedom comparison by year

Hungary
Montenegro
1x
Year Economic freedom index
Hungary Montenegro
2026 62.5 63.8
2025 61.4 63.8
2024 61.2 59.7
2023 64.1 60.9
2022 66.9 57.8
2021 67.2 63.4
2020 66.4 61.5
2019 65 60.5
2018 66.7 64.3
2017 65.8 62
2016 66 64.9
2015 66.8 64.7
2014 67 63.6
2013 67.3 62.6
2012 67.1 62.5
2011 66.6 62.5
2010 66.1 63.6
2009 66.8 58.2
2008 67.6 -
2007 64.8 -
2006 65 -
2005 63.5 -
2004 62.7 -
2003 63 43.5
2002 64.5 46.6
2001 65.6 -
2000 64.4 -
1999 59.6 -
1998 56.9 -
1997 55.3 -
1996 56.8 -
1995 55.2 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/hungary/montenegro | CC BY

The Economic Freedom Index for Hungary is 62.5, ranking 86/197, compared to 63.8 for Montenegro, ranking 78/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Hungary Montenegro
Services, % of GDP
59.5%
2024
63.8%
2024
Industry, % of GDP
23.7%
2024
12.2%
2024
Agriculture, forestry, and fishing, % of GDP
2.71%
2024
3.49%
2024
GNI, Atlas method
$199B
2024
$7.61B
2024
GNI per capita, PPP
$47,290
2024
$33,970
2024
Total reserves including gold
$46.4B
2024
$1.74B
2024
Total reserves ranking
42/177
2024
130/177
2024
Net foreign direct investment
-$15.8B
2024
-$532M
2024
Net inflows of foreign direct investment
-$62.2B
2024
$599M
2024
Net outflows of foreign direct investment
-$78B
2024
$67.8M
2024
Servicing debt to the IMF, % of GNI n/a
15%
2024
Poverty at national poverty lines
12.1%
2021
20%
2023
Gross capital formation, % of GDP
23.5%
2024
25.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/hungary/montenegro | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1927–1994, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.